Examlex
Herbert Spencer was the social thinker to use the term "survival of the fittest" to propose a species' survivability is linked to its ability to adapt to changing conditions.
Expansionary Gap
A situation in macroeconomics where the actual output in an economy exceeds the potential output, traditionally leading to inflation.
Actual Price Level
The current market prices of goods and services, reflecting the real value of money and the purchasing power of consumers.
Recessionary Gap
The difference between real GDP when the economy is in a recession and the GDP at full employment, indicating underutilized resources.
Expected Price Level
The anticipated average cost of goods and services in the future, based on current trends, policies, and economic conditions.
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